Moving home is said to be the third most stressful life event, following a member of your family dying, or getting divorced. So it’s always best to keep your stress levels down by investigating and doing your homework on both the particular area of Wigston (or nearby conurbations) where you live (i.e. where you are selling) and where you want to search for your next Wigston home. Being mindful of how fast (or slow) the different parts of the Wigston property market are moving is key – it could save you much heartache and many thousands of pounds.
You see, if you know you are selling a property in a sluggish price range and buying in a faster-moving price range in Wigston then putting your property on the market first is vital, otherwise, you tend to find that the one you want to buy sells before yours does. There is nothing worse than pondering over a property only to find that someone else has bought it. Being primed with all the knowledge is key. On the other side of the coin, if you are selling in a fast-moving market and buying in a sluggish market, you can probably get a better deal on the property you’re buying.
For buy-to-let landlords in Wigston, this evidence is particularly critical as purchasing a high-demand property in a well-liked area of Wigston will safeguard a surfeit of available tenants, as well as respectable house price growth.
Being an agent in Wigston, I like to keep an eye on the Wigston property market on a daily basis because it enables me to give the best advice and form an informed opinion on what to buy (or not) in Wigston, be that a buy-to-let property for a landlord or an owner-occupier house. So, I thought, how could I scientifically split the Wigston housing market into sections, so I could analyse which part of the Wigston property market was doing the best (or the worst)?
I took the decision that the best way would be to fragment the Wigston property market into roughly four uniform size price bands (in terms of properties for sale). Each price band would have roughly 25% of the property in Wigston available for sale, then add up all the sold (STC) properties and see which sector of the Wigston property market was performing best. These were the results…
|# Properties For Sale||# Properties Sold (STC)|
|up to £180,000||48||75|
|£180,000 to £240,000||52||64|
|£240,000 to £300,000||44||23|
The best performing price range in Wigston is the lower end of the market, up to £180,000, where 61.0% of all property in that price range has a buyer and is sold STC.
It’s not unexpected that the upper end of the property market (the top 25%) in Wigston is finding things a little tougher compared to the others. Even though the number of first-time buyers in 2018 did increase over the 2017 levels, it was from a low starting point and the large majority of 20 to 30-year-olds don’t want to or can’t buy their first home. Furthermore, the local authority has no money to build council houses, meaning an increase in demand as private landlords take up the slack – because everyone needs a roof over their head!
If you would like to pick my brains on the Wigston property market, pop in for a coffee or drop me a line on social media or email.